About the free cover

Precious moments

Everything you need to know about the free life insurance for new parents

Free life insurance for new parents

In order to take out this free life insurance, you need to be a new parent aged between 16 and 70 years, and have a child under six months of age (please note that you cannot take out this cover before your baby is born and registration must occur before the child is six months old).

The cover pays a lump sum of $10,000 if you die on or before your child's first birthday. Only two parents can receive Sovereign's free life insurance for new parents in respect of the same child. You register yourself for the $10,000 free life insurance - and the other parent registers individually as well.

The cover will expire on your child's first birthday.

Please note that this cover is only available to New Zealand permanent residents/citizens living in New Zealand. If you die and you are not living in New Zealand at the time, you will not be covered.


QHow many children can you register?
AYou can register up to a maximum of four children so long as each child is under the age of six months at the time of registration. This includes registration for multiple births and/or for children born before your child is one year of age. Each parent can therefore have up to four current free life insurance for new parents' policies at any one time, so long as the four policies relate to different children, up to a maximum total sum assured of $40,000.
QWhen does the cover pay out?
AWe will pay out $10,000 if one of the parents dies on or before the child's first birthday, subject to any exclusions that might apply.
QWhat happens if your child dies before their first birthday?
AThe free life insurance provides cover on the parent's life only so it will continue until the cover end date on your schedule.
QWhat other cover can you choose?
AThe free life insurance for new parents is a stand-alone free offer. However, if you're interested in other products available, please speak to your adviser who can talk through the options and help you take out a new policy for the cover you want. Or, if you don't have an adviser, call our friendly customer services team on 0800 PRECIOUS (0800 7732 4687) and they'll put you in touch with an adviser.
QWhen will the cover not pay out?
AWe won't pay out the cover if the life insured's death is a direct or indirect result of:
  • Suicide or a deliberate act or omission (failure to act) by the life insured (whether sane or insane) which is likely to cause harm to the life insured
  • Deliberately taking or using non-prescribed drugs
  • Engaging in or being part of any conduct that is criminal
  • Any diagnosed terminal illness that exists at the time of registration (terminal illness means that life expectancy is 12 months or less from the registration date)
  • Participating in or preparing for motor racing or flying (other than as a fare-paying passenger).
Sovereign will also not pay the sum insured where the life insured:
  • Has received any medical treatment for cancer (including leukaemia and lymphoma) within the previous 12 months of the registration date
  • Is residing outside New Zealand at the time of his or her death.
Once registered, please refer to your policy wording for more information.
QHow can you cancel your cover?
AYou can cancel your cover at any time by writing to Sovereign. We will cancel your policy on the date we receive your cancellation request. Otherwise the cover will end on the cover end date, or if a claim is paid.
QHow do you contact us?
A If you already have an adviser, you can contact them in the first instance. Alternatively, if you have any questions at any time, you can call us on Freephone 0800 PRECIOUS (0800 7732 4687) (Monday to Thursday 8am - 8pm, Friday 8am - 6pm) or write to us at:

Private Bag
Victoria Street West
Auckland 1142
QHow do you make a claim?
AYou can make a claim by contacting our Claims team on Freephone 0800 PRECIOUS (0800 7732 4687) Monday to Friday 8.30am - 5pm.
QIs Sovereign in a strong financial position?
A In times of uncertainty, it’s good to know who you can trust. Our claims history has earned us an A+ (Superior) financial strength rating from A.M. Best, which has been an approved rating agency for over 100 years. The financial strength rating is an assessment of an insurer’s ability to meet obligations to policyholders. A copy of the A.M. Best rating scale is available for inspection at Sovereign. For more information about A.M. Best, visit www.ambest.com

Policy conditions

The above information gives a summary only of our free life insurance for new parents. Please refer to the policy document for further detail.

You are not covered by this policy until Sovereign has confirmed with you that your registration has been received and your cover has commenced.

Other things you should know

The availability of insurance cover is subject to your registration being approved. All registrations are subject to individual consideration. Certain exclusions may apply. This insurance is underwritten by Sovereign Assurance Company Limited ('Sovereign'). For full details of the products and benefits offered by Sovereign, please refer to the policy document which is available from Sovereign.

The information contained above is general in nature and is not intended as advice. It may not be relevant to individual circumstances and before making any investment, insurance or financial planning decision, you should consult a professional adviser. Copies of our disclosure statements are available on request, free of charge.